涉农企业创新投入会提升企业绩效吗——基于异质性财务冗余视角  

Will Innovation Investment in Agriculture-related Enterprises Improve Its Performance from the Perspective of Heterogeneous Financial Redundancy

作　　者：谢向伟 郭鑫 易鑫 李晓阳[2] XIE Xiangwei;GUO Xin;YI Xin;LI Xiaoyang

机构地区：[1]西南大学商贸学院,重庆400715 [2]西南大学经济管理学院,重庆400715

出　　处：《农业技术经济》2024年第11期127-144,共18页Journal of Agrotechnical Economics

基　　金：国家自然科学基金项目“博弈视阈下农民工市民化诱导机理研究”(编号:71373215);重庆市政府重大决策咨询项目“重庆发展现代山地特色高效农业总体思路和实现路径研究”(编号:2021ZB02);重庆市社科规划重点项目“成渝地区双城经济圈要素流动研究”(编号:2021NDZD08);国家社科基金青年项目“新发展格局下中国与南亚国家经济合作效能评价与提升路径研究”(编号:22CGJ018)。

摘　　要：财务冗余因是企业柔性资产,其对涉农企业的资本结构优化、创新投入和企业高质量发展至关重要。本文聚焦企业创新投入与绩效的关系,将财务冗余纳入传统创新与企业绩效的分析框架中,在厘清财务冗余调节涉农企业经营绩效机理的基础上,选取2010—2021年121家上市涉农企业数据构建双固定效应模型,实证研究财务冗余通过调节涉农企业创新投入对其绩效的影响。研究发现:企业创新投入正向影响涉农企业绩效,且企业创新投入对绩效的影响存在边际递减效应;可用冗余可以增强企业创新投入对异质性涉农企业绩效的促进作用,且该调节效应在创新高投入与低投入水平时均显著且呈现边际递增规律;潜在冗余在企业创新投入与涉农企业绩效的调节作用中无显著影响。进一步研究发现,该调节作用仅在产权性质为民营企业时显著为负。基于以上结论,本文建议涉农企业应当通过增加可用冗余,基于企业属性异质性优化企业资本结构,合理确定创新投入水平以提升财务冗余调节涉农企业创新的效能,减少潜在冗余对企业创新的抑制作用以实现涉农企业绩效提升,助力涉农企业高质量发展和乡村振兴战略的实施。Financial redundancy is crucial for optimizing the capital structure,R&D investment and innovation of agricultural enterprises due to its high liquidity assets.In this paper,we focus on the relationship between innovation input and performance of agriculture-related enterprises,and incorporate financial redundancy into the analysis framework of traditional innovation and enterprise performance.We select 121 listed agriculture-related enterprises from 2010 to 2021 to build a double-fixed effect model,and empirically study the influence of financial redundancy on the performance of agricultural enterprises by regulating innovation investment.The results show that the innovation input positively affects the performance of agribusiness,and the effect of the innovation input on the performance presents a marginal decreasing trend.Available slack can enhance the promoting effect of enterprise innovation investment on the performance of heterogeneous agricultural-related enterprises,and this moderating effect is significant at both high and low innovation investment levels and shows a marginal increasing law.Potential redundancy has no significant impact on the moderating effect between innovation investment and performance of agricultural enterprises.Further research has found that this moderating effect is only significantly negative when the property rights nature is private enterprises.Based on the above conclusions,this paper suggests that agriculture-related enterprises should increase available redundancy,optimize their capital structure based on the heterogeneity of enterprise attributes,reasonably determine the level of innovation investment to enhance the effectiveness of financial redundancy in regulating innovation in agricultural enterprises,reduce the inhibitory effect of potential redundancy on enterprise innovation,and achieve performance improvement in agricultural enterprises,assisting in the implementation of rural revitalization strategies.

关 键 词：涉农企业 创新投入 企业绩效 财务冗余 

分 类 号：F324[经济管理—产业经济] F302.6